Singapore residual fuel oil inventories jumped 12% in the week to June 2, snapping three straight weeks of declines, as net import volumes rebounded, official data showed on Thursday.
Onshore fuel oil stocks climbed by 2.72 million barrels, or about 428,000 tonnes, to a three-week high of 25.59 million barrels, or 4.03 million tonnes, Enterprise Singapore data showed.
Singapore's residual fuel stocks slipped 0.4% from a year earlier but were above the 2021 weekly average of 23.04 million barrels.
Fuel oil inventories in Singapore hit a more than four-year high at the start of May due to elevated imports and sluggish demand.
Fuel oil flows into East Asia were assessed at about 5.43 million tonnes in May, down slightly from the previous month's 5.69 million tonnes, Refinitiv Oil Research said in a report released on Tuesday.
"June arrivals are expected to be steady (to) higher month-on-month, led by an increase in Western arbitrage barrels which were assessed at 1.47 million tonnes," said the report.
Net import volumes into Singapore jumped 90% from the previous week's 2021 low to 515,000 tonnes, but were well below the 2021 weekly average of 750,000 tonnes. Weekly figures, however, are volatile.
The largest net imports were from Malaysia at 320,000 tonnes, followed by the United Arab Emirates with 149,000 tonnes, a five-week high, Russia with 71,000 tonnes and Iraq with 54,000 tonnes.
Singapore's top fuel oil net exports destinations were India at 61,000 tonnes, the highest in more than two years, South Korea at 60,000 tonnes and Bangladesh at 49,000 tonnes.
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June 03, 2021 at 04:59PM
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Singapore fuel oil inventories rebound as net imports climb - Reuters
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